Key Insights
- The crypto market has dipped by 1%, with Bitcoin hovering around $61,000.
- Liquidations have stayed steady, with bulls taking bigger losses than the bears.
- Bitcoin faces a potential drop if it fails to hold the $61,000 zone.
- Ethereum is holding above $2,950 but needs to break $3,100 for bullish confirmation.
- THORChain needs to break $6 for a rally to $15 and Render aims for a rally to $14.
- PEPE also remains poised for a 55% increase, considering its most recent breakout.
The crypto market has declined by another 1% over the last day at the time of writing, bringing the price of Bitcoin just above $61,000 and the total crypto market cap to $2.28 trillion.
The crypto market’s heatmap
This decline is visible in the crypto heatmap above, where most of the large-cap cryptocurrencies are red, along with a few patches of green from the altcoins.
The crypto market’s liquidations
In terms of liquidations, the figures have stayed steady over the last 24 hours, with around $141 million taken from leveraged traders over the last day, and a staggering $95 million of this total coming from the bulls.
The bears, on the other hand, have lost around $35 million over the last 24 hours, leading us to believe that the last 24 hours haven’t been very favourable for the bulls.
Can Bitcoin Rebound Off $61,000?
The $61,000 price level has held Bitcoin afloat on three different occasions since 5 March.
This time around, we are seeing the cryptocurrency retest this price level while hanging over a possible drop below $57,300.
Bitcoin’s price action
Bitcoin doesn’t look like much at the time of writing, but better days are coming.
The RSI is showing a strong attempt to rebound into the neutral zone, where the bulls will have a more even footing against the bears.
However, first of all, we still need to see a rebound off $61,000 for any kind of bullish movement to the upside.
Ethereum Stays Strong
According to the charts, Ethereum is doing very well as far as a rebound above $2,950 goes.
Ethereum’s price action
Ethereum’s RSI shows that the cryptocurrency is slightly farther into the bearish zone than Bitcoin.
However, it is still hanging safely from a drop below $2,893, which is a good place to form a new higher high.
Again, Ethereum still needs a good break above the $3,100 to confirm a bullish takeover.
THORChain’s Incoming Rally
The charts show that THORChain (RUNE) is in the middle of a rebound from the $4.3 support and is doing very well as recoveries go.
However, as shown below, the cryptocurrency is also attempting a break above the $6 zone, which might determine what happens from here.
THORChain’s price action
As shown, RUNE’s breakout attempt seems to be going well, and investors need to be on the lookout for price entries above $6.
Overall, RUNE remains poised to rally and double to $11.4 if we see a break and close above the $6 zone.
Render’s Rally Continues
According to the charts, Render has rebounded beautifully off the $9.4 zone after a small consolidation over the last few days.
The price of Render
Render is attempting to break the $11 once once again, and if we see a successful break and close above this price level, the cryptocurrency is poised to continue further up to the $15 zone.
PEPE Is Recovering
According to the charts, PEPE has successfully completed a breakout and rebound above the descending trendline shown below
This means that PEPE is poised to go further up from here:
PEPE’s price action
PEPE is poised for a 55% rally further up to around $0.000014 from here, with its RSI showing that we are fully in bullish territory.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
